Markets & Finance

UBS Financial Upgrades Ciena to 'Neutral'

UBS Financial upgraded Ciena (CIEN) to neutral from reduce.

Analyst Nikos Theodosopoulos says he believes Ciena, together with SI International, is on the short list for a significant long-haul opportunity with MCI valued at $200 million over two years. He believes Ciena is also on the short list for the long-haul transport component of global information grid bandwidth expansion (GIG-BE), which he estimates has a value of $150 million over two years.

Given the likelihood that Ciena wins a portion of the MCI opportunity, he added $52 million to his calendar 2004 revenue estimate, bringing it to $501 million. He sees a 39-cent fiscal 2003 (Oct.) loss, and narrowed the 18-cent fiscal 2004 loss per share estimate to a 16-cent loss per share.

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